Globalization- a Boon or a Curse for Developing Countries?

3218 Words Aug 5th, 2012 13 Pages
EC1103- ESSAY

Globalization- A boon or a curse for developing countries?

Sanjita Sahi

100608980

Word count-3181

List of content:

• Introduction

• Economic definition of globalization.

• What is happening instead of what should have happened?

• Positive effects of globalization with example of China.

• Negative effects of globalization using Jamaican economy as an example.

• Other effects of globalization prevalent everywhere such as poverty, unequal society, violence and environmental degradation.

• Conclusion- so is globalization really good or bad for under developed countries?

• Reference.

Is globalization a boon or a curse to developing countries?

Introduction:

Since the
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But what is actually happening is that, the goods and services are getting cheaper but the quality of life is getting lower and lower. Income is lower than what it used to be. The standard of living is degrading in the poorer countries. The wages are low, hence the income of the country is low (Globalization and Financial development- Federic S Mishkin). People have to work long hours for less income and environment is degrading especially in developing and poor countries. Joseph Stiglitz states that it’s not that globalization is not working but how it has been managed so far are creating all these problems (Joseph Stiglitz-Sharing the benefits of globalization). On the brighter side, countries like India and China were able to achieve impressive growth only due to globalization. There has been globalization of civil society and human rights democracy. The world seems a very small place due to globalization.

Positive effects of globalization (taking China as examples):

The world has seen some very impressive growth which would not have been possible if not for globalization. If you told a bunch of American people, some 20 years ago, that their jobs might be at risk because of Chinese and Indians, they would have laughed at you. All this has been possible only because of globalization- mainly due to reduction of trade barriers, low transportation and communication cost. With the boom of internet, the world market has been very easily accessible by anyone. If you want a